Volkswagen has announced plans to invest €84.2 ($113.8) billion in their automotive division over the course of the next five years.

Volkswagen has announced plans to invest €84.2 ($113.8) billion in their automotive division over the course of the next five years.

A significant chunk of the money, €41.2 ($55.6) billion, will be poured into the development and production of "new vehicles and successor models in almost all vehicle classes." A portion of the funds will also be allocated to launch a new generation of engines which will offer greater performance, improved fuel efficiency and reduced CO2 emissions. The company will also continue to invest in the development of hybrid and electric motors.

In related news, Volkswagen's Head of Powertrain Development, Heinz-Jakob Neusser, told Autocar the company's entry-level brand could be announced next year. He declined to go into specifics but said the company is still evaluating the brand and "will only make this car if it meets our standards on safety, ride, handling, comfort and so on – and that it can be made profitably."

Gallery: Volkswagen to invest 84.2 billion euros into new models, may introduce entry-level brand next year